Tampa Bay's Real Estate Expert talks about Undisclosed Repairs and Defects and What It Could Mean to Your Home Sale.

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Andrew Duncan, Tampa Bay's #1 Realtor and Expert, talks about undisclosed repairs and defects and what this could mean to your home sale. He has Richard Vazquez from Artisan Insurance and Arnie and David Diaz from Waterstone Mortgage as guests on The Duncan Duo Real Estate Show on 970 WFLA.

A lot of people forget how integrated all the processes are. The insurance company cares about the inspections and repairs, the Real Estate broker needs to know what's going on so he can disclose any material defects, the mortgage lender does an appraisal on the property and will look for any kind of issues.

On the insurance side, undisclosed material defects like sink holes can cause major problems in getting insurance coverage. An insurance agent looks at the property a little bit differently than a mortgage company looks at it and from the way a realtor looks at it. Some of the things they find all the time are undisclosed sink holes. They have a way of knowing when the air conditioner was replaced, when the roof was replaced, if there was any major electrical work done, etc. These are part of the seller's disclosure statement when those things are replaced but there are people who don't do it that's why the insurance agent is going to double check the information.

He then talks to the Diaz Duo about the condition of a home. Although lenders don't really care about the home inspection. They need to have an appraisal done so the appraiser is going to come out and double check the condition and age of all these things to find out if anything is past its useful life.

Arnie advised buyers (as Andrew has mentioned in previous shows) to not necessarily give up on a home because the inspection has a couple of things on it. You may take a lot longer to find something you really want for a couple of items that could be handled very easily. He suggests the easiest way is to go back to the seller and as long as the appraised value is there, you can raise the value to the amount and have the seller pay for the repairs. He also mentions the Escrow Holdback program they offer wherein you can close on the home and have the repairs done after the closing. It means that any repairs can be lumped in the purchase price and if you already know ahead of time, the appraised value can be adjusted accordingly for repairs that are going to be done post closing. Another option Arnie suggests but could take longer and not everybody would like to do it are renovation loans they offer if you have a lot of things needed to be done. Lastly, he suggests it's also possible for sellers to cash out refinance, get some renovations done before putting the home on the market.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

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